Auction Analysis: Under the Influence @Phillips

Ana Bambic Kostov is an art historian with passion for contemporary art.

Focused on urban and new contemporary art, Phillips December issue of Under the Influence auction occurred on December 10, 2014 at their London seat. The auction did not mark any record sales and the sales shows 66.7% of lots sold, while 33.3% did not find a buyer that evening. The auction was populated with some of the most famous urban art stars, such asSEEN or KAWS, and several pieces by the most promising young artists, such as David Ostrowski. A strong presence of Russian and Ukrainian contemporary artists could be noted, while the biggest names included Andy Warhol and Julian Schnabel. Overall, an interesting auction for the mid-range buyer, with the most expensive lot (two lots in fact) selling for 68,500GBP.

Highs and Lows while Under the Influence

The total number of lots was 216, and while 144 lots sold, 72 is still waiting for a collector. The total of 46 pieces, 21.3%, sold over the high estimate, some surpassing it several times, and 30 lots, 13.9%, sold under their lower estimated value. An interesting trend was that some lots, while not having reserve, sold under 1,000GBP, while none were estimated under a thousand. The piece sold with the lowest price was Dr. Lakra’s Untitled (Bote) from 2004, for only 188GBP.
Some of the auction highlights, as selected by Phillips, did not light the day, as they did sell, but on estimate.
The most expensive two works at the auction were executed by Ukrainian artist Anatoly Kryvolap – Untitled from 2013, an oil on canvas which surpassed its high estimate almost twice. Another one was also done by an artistic couple Elena and Vitaly Vasiliev, also from Ukraine. Their piece Untitled (Centre Georges-Pompidou) from Apocalypse in Art, from 2012-13 reached the same amount as Kryvolap’s – the handsome 68,500GBP.
An overall impression is not exactly impressive, as the majority of works, 47.2% of the total number of sold lots and sold within the estimated value, exactly 68 pieces of art.

Jacek Tylicki – 11 Days in the Rushes of the River + Rain, Hoje River, S.W. Of Lund, Sweden, 1978 – sold for 11,250GBP

Hot Lots and Nots

Among the lots sold was a piece by Christian Rosa, a wonderful abstractly named epitome of something that could be compared to Alexander Calder’s sculpture on canvas, which sold barely over the high estimate at 22,500GBP. We mentioned David Ostrowski, whose two paintings were offered at Phillips under lot numbers 25 and 27. They both sold well, surpassing the appraisal value, the second one by 11,250GBP, about 57% over the higher estimate.
Two excellent lots, which would actually stand together quite well in one collection, were made by KAWS and RERO. KAWS piece numbered 46 was sold somewhat over the high estimate at 18,750GBP, while RERO’s Image Not Available, lot 78, sold exactly on the lower end of its appraisal value, for 5,000GBP. A piece we announced by Jean Baptiste-Bernadet, sold more than three times over its high estimate, for 17,500GBP.
A work by the currently auction room popular Andy Warhol, Toy series from 1983, sold for 62,500GBP, closer to its lower end estimate, proving that it is not only about the big name, but also about the particular piece and its appeal, when it comes to bidding. In between two pieces by the once auction-room-king Julian Schnabel, numbered lots 59 and 60, one sold under the estimate, while the other failed to find a buyer.
Interestingly, works by Parker Ito, Mark Hagen, Christian Rosa, Nan Goldin, Raymond Pettibon, Shepard Fairey (sold 1 of 3), Michelangelo Pistoletto, Shirin Neshat, or Speedy Graphito failed to garner interest by collectors.

2014 is Concluded

Analyzing results of the final 2014 Under the Influence auction organized by Phillips, we cannot but notice a slight disinterest. A large number of unsold lots might imply that the serious collectors have satisfied their art purchasing need during the recent Art Basel Week, and who was to buy before the holidays has already done so. It remains to see that 2015 will bring in terms of auction and art market trends, so let’s wait for another Phillips UTI auction!

Feature image: SEEN – Nobody Can Stop the Silver Surfer, 2014 – sold for 57,500GBP